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U.S. government debt yields fell on Monday as investors prepared for a key trade meeting between President Donald Trump and China leader Xi Jinping.
At around 3:58 p.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 2.021%, while the yield on the 30-year Treasury bond was also lower at around 2.551%.
The two are expected to discuss the ongoing trade war between the U.S. and China at the Group of 20 meeting in Osaka, Japan.
Wall Street is hopeful U.S. and Chinese negotiators will return to constructive dialogue and move closer to a deal to end the protracted trade war between the globe's two largest economies. Washington and Beijing have implemented and threatened tariffs on billions of dollars worth of their goods over the past year. Last month, the two countries hiked tariffs targeting some goods.
Market players are following geopolitics, in particular escalating tensions between Iran and the U.S. Over the weekend, President Trump announced that the U.S. will impose "major" additional sanctions on Iran on Monday but Iran dismissed the threat as "just propaganda."
On the data front, the calendar is thin with Dallas Fed manufacturing data due at 10:30 a.m. ET.